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Earnings Quality and the Cost of Debt of SMEs

In: Financial Markets, SME Financing and Emerging Economies

Author

Listed:
  • Federico Beltrame

    (University of Udine)

  • Josanco Floreani

    (University of Udine)

  • Alex Sclip

    (University of Udine)

Abstract

Based on a panelPanel of Italian SMEs over the period 2004–2012, we investigate the relationship between earnings qualityEarnings quality and the cost of debtCost of debt . We find a negative association between accrualsAccruals quality and the cost of debtDebt for SMEsSmall and medium sized enterprises (SMEs) . The results hold even when controlling for different measures of accruals quality, alternative determinants of bank debt and the potential endogeneity between leverageLeverage and earnings quality.

Suggested Citation

  • Federico Beltrame & Josanco Floreani & Alex Sclip, 2017. "Earnings Quality and the Cost of Debt of SMEs," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Giusy Chesini & Elisa Giaretta & Andrea Paltrinieri (ed.), Financial Markets, SME Financing and Emerging Economies, chapter 0, pages 21-39, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-54891-3_3
    DOI: 10.1007/978-3-319-54891-3_3
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    Cited by:

    1. Le, Ha Thi Thu & Vo, Xuan Vinh & Vo, Thi Thuc, 2021. "Accruals quality and the cost of debt: Evidence from Vietnam," International Review of Financial Analysis, Elsevier, vol. 76(C).

    More about this item

    Keywords

    Accruals quality; Earnings quality; SMEs; Cost of debt;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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